Since the coronavirus crisis intensified, shoppers have had little choice but to turn to e-commerce, even for basic essentials. In a recent study conducted by Red Points, the online brand-protection company that I lead, we found 60.4% of consumers said they have increased online shopping versus shopping in-store, and 60% of Americans are purchasing more household cleaning products online.
This makes consumers vulnerable to the rising number of counterfeit goods online. The number of counterfeit goods on the internet has grown exponentially since the advent of e-commerce and social media, flying quietly under consumers’ radar. Now, counterfeiters’ “attack surfaces” have expanded beyond e-commerce marketplaces to social media channels such as Facebook, Instagram, and TikTok. Even the most tech-savvy consumers are sometimes tricked by these advertisements, which can often result in lost revenue for retailers and a hit to their image.
The size of this problem is staggering. Even before the coronavirus was unleashed on the world, it was estimated that by 2022, counterfeiting will be a $4.2 trillion industry, and global damage from counterfeit goods will exceed $323 billion… Fast Company